Bows Nigeria acquires 32.99% stake in Courteville

Bows Nigeria Limited is set to take over 1,171,939,459 shares of Courteville Business Solutions Plc, at 48 kobo per share which is equivalent to 32.99 per cent stake.

This was revealed in a statement issued by the Company Secretary, Jackson, Etti & Edu, on Tuesday.

The statement said the shares were to be taken over in a mandatory takeover bid, following the approval for the delisting of the company’s securities from the Nigerian Stock Exchange.

It stated that the resolution for the delisting was passed by the shareholders at the 17th Annual General Meeting of Courteville on 26 July 2022.

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Part of the statement read, “The investing public and the Nigeria Exchange Limited are hereby informed that Bows Nigeria Limited, a shareholder which holds 67.01 per cent of the issued share capital of the company, made proposal to buy the 32.99 per cent held by the other shareholders of the company through a mandatory takeover bid to the Securities and Exchange Commission, and the mandatory takeover bid has been registered with SEC as SIS/M&A/TBR/CB5/000824 in the Commission’s record.

“SEC has approved the MTO and the shares are priced at 0.48k per ordinary share.

“The tender offer will open on the 22nd of February 2023 and close on 22nd March 2023